ATLANTA, Sept. 19, 2018 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today acquisitions for both its
Industrial Group, Motion Industries, and its U.S. Automotive Parts
Group.
Motion Industries has entered into a definitive agreement to
acquire Hydraulic Supply Company (HSC), with an effective close
date of October 1, 2018. HSC,
founded in 1947 and based in Sunrise,
Florida, is a leading full-service fluid power distributor,
with a broad product offering of hydraulic, pneumatic and
industrial components and systems. HSC operates from 30
locations primarily in the southeastern United States which are supported by one
central distribution center. The Company expects HSC to generate
estimated annual revenues of $85
million.
In addition, the Company has entered into a definitive agreement
to acquire Hastings Auto Parts, Inc. (Hastings), also with an
effective close date of October 1,
2018. The addition of Hastings, founded in 1981 and based in
the Detroit, Michigan area, will
add four stores to our distribution footprint and further expand
our presence in the Detroit
market. Hastings is expected to generate approximate annual
revenues of $10 million.
Paul Donahue, President and Chief
Executive Officer, stated, "HSC has over 70 years of experience in
serving the fluid power industry, and the addition of HSC enhances
Motion's footprint for additional fluid power product
growth. We are excited to welcome the HSC team to the Motion
Industries and the GPC family, and we look forward to working with
them to grow our products and services offering into the
future."
Mr. Donahue added, "Hastings represents a strategic tuck-in
acquisition for our U.S. automotive business, and serves to expand
our automotive store footprint and competitiveness in the greater
Detroit marketplace. We are
pleased to welcome the Hastings team to the U.S. Automotive Parts
and GPC family and look forward to working with them to expand our
market share in the Detroit
trading area."
Forward Looking Statements
Some statements in this press release, as well as in other
materials we file with the Securities and Exchange Commission (SEC)
or otherwise release to the public and in materials that we make
available on our website, constitute forward-looking statements
that are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Senior officers may also
make verbal statements to analysts, investors, the media and others
that are forward-looking. Forward-looking statements may relate,
for example, to future operations, prospects, strategies, financial
condition, economic performance (including growth and earnings),
industry conditions and demand for our products and services. The
Company cautions that its forward-looking statements involve risks
and uncertainties, and while we believe that our expectations for
the future are reasonable in view of currently available
information, you are cautioned not to place undue reliance on our
forward-looking statements. Actual results or events may differ
materially from those indicated as a result of various important
factors. Such factors may include, among other things, the
Company's ability to successfully implement its business
initiatives in each of its three business segments; slowing demand
for the Company's products; changes in legislation or government
regulations or policies; changes in general economic conditions,
including unemployment, inflation or deflation; changes in tax
policies; volatile exchange rates; high energy costs; uncertain
credit markets and other macro-economic conditions; competitive
product, service and pricing pressures; the ability to maintain
favorable vendor arrangements and relationships; disruptions in our
vendors' operations; the Company's ability to successfully
integrate its acquired businesses; the uncertainties and costs of
litigation; disruptions caused by a failure or breach of the
Company's information systems, as well as other risks and
uncertainties discussed in the Company's Annual Report on Form 10-K
for 2017 and from time to time in the Company's subsequent filings
with the SEC.
Forward-looking statements are only as of the date they are
made, and the Company undertakes no duty to update its
forward-looking statements except as required by law. You are
advised, however, to review any further disclosures we make on
related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other
reports to the SEC.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement
parts in the U.S., Canada,
Mexico, Australasia, France, the U.K., Germany and Poland. The Company also distributes
industrial replacement parts and electrical and electronic
materials in the U.S., Canada and
Mexico through its Industrial
Parts Group. S. P. Richards Company, the Business Products
Group, distributes a variety of business products in the U.S. and
Canada. Genuine Parts Company had
2017 revenues of $16.3 billion.
Further information is available at www.genpt.com.
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SOURCE Genuine Parts Company